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Hans India
21 hours ago
- Business
- Hans India
US tariffs on steel will disrupt India's metal exports: Experts
US President Donald Trump's announcement to double tariffs on imported steel and aluminium will impact Indian exporters, particularly those engaged in value-added and finished steel products and auto-components, experts say. Expressing concern over the Trump-administration's move, they said the Indian government should take up the matter bilaterally with the US authorities. On May 30, Trump announced that he would double the existing 25 per cent tariffs on steel and aluminium imports from June 4. This hike comes under Section 232 of the US Trade Expansion Act of 1962, a law that allows the president to impose tariffs or other trade restrictions, if imports are deemed a threat to national security. Trump originally invoked this provision in 2018 to set the 25 per cent tariff on steel and 10 per cent on aluminium. He raised tariffs on aluminium to 25 per cent in February 2025. For India, the consequences are direct, the Global Trade Research Initiative (GTRI) said. In 2024-25, India exported $4.56 billion worth of iron, steel, and aluminium products to the US, with key categories, including $587.5 million in iron and steel, $3.1 billion in articles of iron or steel, and $860 million in aluminium and related articles. 'These exports are now exposed to sharply higher US tariffs, threatening the profitability of Indian producers and exporters,' GTRI founder Ajay Srivastava said. India has already issued a formal notice at the World Trade Organization (WTO) signalling its intention to impose retaliatory tariffs on US goods in response to the earlier steel tariffs. 'With Trump now doubling the tariffs, it remains to be seen whether India will carry out the retaliation by increasing tariffs on certain US exports within a month,' he said. The Federation of Indian Export Organisations (FIEO) President S C Ralhan said the proposed increase in import duty will have a significant bearing on India's steel exports, especially in semi-finished and finished categories like stainless steel pipes, structural steel components, and automotive steel parts. 'These products are part of India's growing engineering exports, and higher duties could erode our price competitiveness in the American market,' he said. The US is among the top destinations for Indian steel manufacturers, who have been gradually increasing market share through high-quality production and competitive pricing. 'Such sharp increases in tariffs send discouraging signals to global trade and manufacturing supply chains. We urge the government to take up the issue at the bilateral level to ensure that Indian exporters are not unfairly disadvantaged... as 25 per cent additional duty will be a huge burden, which is difficult to be absorbed by the exporter/importer,' Ralhan said.
Time of India
a day ago
- Business
- Time of India
Doubling tariff on steel, aluminium by US to disrupt India's metal exports: Experts
New Delhi: US President Donald Trump 's announcement to double tariffs on imported steel and aluminium will impact Indian exporters, particularly those engaged in value-added and finished steel products and auto-components, experts say. Expressing concern over the Trump-administration's move, they said the Indian government should take up the matter bilaterally with the US authorities. On May 30, Trump announced that he would double the existing 25 per cent tariffs on steel and aluminium imports from June 4. This hike comes under Section 232 of the US Trade Expansion Act of 1962, a law that allows the president to impose tariffs or other trade restrictions, if imports are deemed a threat to national security. Trump originally invoked this provision in 2018 to set the 25 per cent tariff on steel and 10 per cent on aluminium. He raised tariffs on aluminium to 25 per cent in February 2025. Live Events For India, the consequences are direct, the Global Trade Research Initiative (GTRI) said. In 2024-25, India exported USD 4.56 billion worth of iron, steel, and aluminium products to the US, with key categories, including USD 587.5 million in iron and steel, USD 3.1 billion in articles of iron or steel, and USD 860 million in aluminium and related articles. "These exports are now exposed to sharply higher US tariffs, threatening the profitability of Indian producers and exporters," GTRI founder Ajay Srivastava said. India has already issued a formal notice at the World Trade Organization (WTO) signalling its intention to impose retaliatory tariffs on US goods in response to the earlier steel tariffs. "With Trump now doubling the tariffs, it remains to be seen whether India will carry out the retaliation by increasing tariffs on certain US exports within a month," he said. The Federation of Indian Export Organisations (FIEO) President S C Ralhan said the proposed increase in import duty will have a significant bearing on India's steel exports, especially in semi-finished and finished categories like stainless steel pipes, structural steel components, and automotive steel parts. "These products are part of India's growing engineering exports, and higher duties could erode our price competitiveness in the American market," he said. The US is among the top destinations for Indian steel manufacturers, who have been gradually increasing market share through high-quality production and competitive pricing. "Such sharp increases in tariffs send discouraging signals to global trade and manufacturing supply chains. We urge the government to take up the issue at the bilateral level to ensure that Indian exporters are not unfairly disadvantaged... as 25 per cent additional duty will be a huge burden, which is difficult to be absorbed by the exporter/importer," Ralhan said. The FIEO chief also emphasized on the need for Indian exporters to diversify their markets and invest in higher-grade value-added products to mitigate the impact of such protectionist measures.
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First Post
a day ago
- Business
- First Post
Trump's tariff hike on steel and aluminium likely to hit Indian exporters, say experts
US President Donald Trump's announcement to double tariffs on imported steel and aluminium will impact Indian exporters, particularly those engaged in valueadded and finished steel products and autocomponents, experts say. read more Experts warn that US President Donald Trump's decision to double tariffs on steel and aluminium imports could significantly affect Indian exporters, especially those dealing in finished steel products and auto components. The move has raised concerns among trade analysts, who urge the government to address the issue directly with US officials through diplomatic channels. On May 30, Trump declared that existing tariffs would be doubled starting June 4. This decision falls under Section 232 of the US Trade Expansion Act of 1962, a statute that empowers the president to impose trade barriers if imports are considered a threat to national security. STORY CONTINUES BELOW THIS AD Trump initially used this legal provision in 2018 to impose a 25% tariff on steel and 10% on aluminium imports. The aluminium tariff was increased to 25% in February 2025. According to the Global Trade Research Initiative (GTRI), India will feel the impact of these changes directly. In the fiscal year 2024–25, India exported $4.56 billion worth of iron, steel, and aluminium-related goods to the United States. These included $587.5 million in raw iron and steel, $3.1 billion in value-added iron or steel products, and $860 million in aluminium and related items. 'These exports are now exposed to sharply higher US tariffs, threatening the profitability of Indian producers and exporters,' GTRI founder Ajay Srivastava said. India has already issued a formal notice at the World Trade Organization (WTO) signalling its intention to impose retaliatory tariffs on US goods in response to the earlier steel tariffs. 'With Trump now doubling the tariffs, it remains to be seen whether India will carry out the retaliation by increasing tariffs on certain US exports within a month,' he said. The Federation of Indian Export Organisations (FIEO) President S C Ralhan said the proposed increase in import duty will have a significant bearing on India's steel exports, especially in semi-finished and finished categories like stainless steel pipes, structural steel components, and automotive steel parts. STORY CONTINUES BELOW THIS AD 'These products are part of India's growing engineering exports, and higher duties could erode our price competitiveness in the American market,' he said. The US is among the top destinations for Indian steel manufacturers, who have been gradually increasing market share through high-quality production and competitive pricing. 'Such sharp increases in tariffs send discouraging signals to global trade and manufacturing supply chains. We urge the government to take up the issue at the bilateral level to ensure that Indian exporters are not unfairly disadvantaged… as 25 per cent additional duty will be a huge burden, which is difficult to be absorbed by the exporter/importer,' Ralhan said. The FIEO chief also emphasised on the need for Indian exporters to diversify their markets and invest in higher-grade value-added products to mitigate the impact of such protectionist measures. With inputs from agencies
India.com
2 days ago
- Business
- India.com
Donald Trump's latest move to cost India Rs 38000000000 due to..., Modi govt preparing to retaliate by...
(File) Trump tariffs: In his latest round of tariffs, US President Donald Trump has doubled import duties on steel and aluminum, a move that could have major impact on India's metal exports. As per a report by the Global Trade Research Initiative, Trump's imposition of double tariffs on steel and aluminum exports, could negatively impact India's metal exports worth $4.56 billion (around Rs 38,000 crore) to the US. Trump tariffs to impact India's $4.56 billion metal exports to US As per official data, India exports metals, including steel and aluminum-related goods, worth a total of $4.56 billion to the United States in FY2025, $587.5 million worth of iron and steel, $3.1 billion in iron or steel products, and $860 million of aluminum and related products. However, after Trump's latest tariff announcement, these Indian goods will have to pay and additional 50 percent import tax, which will make them more expensive in the US markets, thus impacting the competitiveness of Indian firms, whose businesses are likely to take a hit as local firm will outsell them. Trump tariffs pose environmental threat The GTRI report warns that Trump's are not only a threat to global trade, but also the environment, because the manufacture and smelting of metals like steel and aluminum generates massive amounts of toxic gases like carbon dioxide, and its derivative gases. However, according to experts, Donald Trump, who has openly denied climate change and global warning on several occasions, does not seem to care about these environmental issues, and is vehemently prioritising his 'America First' policy, part of which aims to bring back manufacturing to the US. How India is responding? According to media reports, India has approached the World Trade Organization (WTO) against Donald Trump's latest tariffs, and is believed that the Prime Minister Narendra Modi-led government is mulling to impose retaliatory tariffs in response. On Saturday, Donald Trump, citing 'national security' issues, raised the tariffs on steel and aluminum imports into the US from 25 percent to 50 percent. The new tariffs will come into effect from June 4, 2025.
Time of India
2 days ago
- Business
- Time of India
Donald Trump's steel, aluminum tariff hike to hit $4.56 billion worth of Indian exports: GTRI report
Representative AI image The upcoming hike in US tariffs on steel and aluminium imports, announced by President Donald Trump , is set to impact Indian metal exports worth $4.56 billion, according to a new analysis by the Global Trade Research Initiative (GTRI). Beginning June 4, the higher duties are expected to raise product costs for Indian manufacturers and exporters in the American market, potentially affecting their competitiveness. 'For India, the consequences are direct. In FY2025, India exported $4.56 billion worth of iron, steel, and aluminum products to the US,' said GTRI, as quoted by ANI. The US continues to be a key market for India's metal sector. In FY2025, exports included $587.5 million worth of iron and steel, $3.1 billion in iron or steel products, and $860 million in aluminium and related items. The GTRI report cautions that increased tariffs on these categories will challenge India's market share and profitability in the US. Trump on Friday announced plans to raise existing tariffs on steel and aluminium imports from 25 per cent to 50 per cent, citing national security concerns under Section 232 of the US Trade Expansion Act of 1962. The legislation enables the US president to impose trade restrictions if certain imports are found to pose a threat to national security. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo Read more: Donald Trump announces 50% tariff on steel imports from June 4 to 'secure industry in US' Trump initially invoked this provision in 2018, setting a 25 per cent tariff on steel and 10 per cent on aluminium. These rates were revised in February 2025, with aluminium tariffs raised to 25 per cent. According to GTRI, the latest increase could drive US steel prices above $1,180 per tonne, with ripple effects on key sectors like automotive, construction, and manufacturing. India has filed a notification with the World Trade Organization (WTO) regarding the tariff hike and is exploring additional response measures. GTRI also flagged the environmental implications of the US move. 'Steel and aluminium manufacturing are significant carbon emitters globally. While other nations invest in environmentally friendly production methods, the US policy lacks environmental considerations,' the think tank noted. 'This decision demonstrates the Trump administration's preference for economic nationalism over environmental stewardship,' GTRI said, adding that it raises questions about the US commitment to global climate goals and sustainable industrial development. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
